Debt Statistics November 2013

Britain is up to its neck in debt, and that is not just a scaremongering tactic. This is apparent by looking at the national statistics and these have been shared with us directly by the Money Charity. This article will dig a little deeper into this UK based charity’s findings and you’ll soon see that these figures that make pretty scary reading, so please feel free to take a seat.

UK personal debt Nov 2013

At the end of November 2013, the UK’s outstanding debts added up to £1.432 trillion and this was a significant rise from the previous year. The November 2012 figure was $1.420 trillion, and this is a worrying trend that needs some attention in the coming year.

Secured and unsecured

Mortgage debt continued to rise, the outstanding secured lending was £1.265 trillion back in 2012, however it had ballooned up to a staggering £1.273 trillion by last November.

Household habits

The typical family in the UK was in debt to the tune of £6,016 in November 2013, and that has risen by an average of £11 since November 2012. These figures do not take the mortgage debts into consideration.

Consumer borrowing

The average consumer borrowing amount was £3,161 in November 2012, and that had risen by an average of £6 12 months later. These figures include credit cards, overdrafts and various finance deals.

Net lending

The total net lending amount to individuals in the UK by the banks was up by £1.5 billion in November 2013. Net secured lending was also up and this rose by £0.9 billion and the net consumer credit lending rose by £0.6 billion.
UK banks

It is increasingly common to hear about the debts that the UK banks are now writing off, but you may be surprised to hear about these amounts in detail. From Q3 2012 to Q3 2013, they wrote off an astonishing £3.63 billion of individual loans. Over a £billion was written off in Q3 2013 alone. £397 million of that amount was credit card loans.
Everyday facts

We’ve collated a number of ‘Everyday in the UK’ debt facts here, they’re also unpleasant reading so don’t stand up just yet:

285 people are made bankrupt or declared insolvent each day

1,655 CCJs are issued every 24 hours

79 properties are recovered each day

156 mortgage possessions are issued every day

29.9 million plastic card transaction happen every 24 hours

If you read this article slowly, quickly or not at all, the facts remain pretty plain – Debt is a national problem.

Dissolve Debt

Despite these new figures, there is a light at the end of this debt-ridden tunnel. Here at Dissolve Debt, we are committed to helping every individual and family with their debt problems. We act impartially and we will offer you a bespoke solution that is tailored to your own circumstances. We can offer you advice on taking out an IVA, debt re-structuring and debt management plans. We are all different and what suits one person may not be the right fit for another. So please pick up the phone and give us a call, we are here to help.

Conditions apply. Please note that repaying debt over an extended period may increase the total amount of debt to be repaid. Transferring debts to a financial management plan will affect your ability to obtain credit in the short term. Your ability to obtain credit may also be affected in the medium to long term.